Russian Energy Ministry negotiated quotas with oil producers, sources say

MOSCOW: The Russian Energy Ministry negotiated the distribution of oil production reduction quotas within the framework of the OPEC+ deal with national oil companies, two sources in the industry told TASS on Monday.

“All the levels were brought subject to arrangements within the OPEC+ framework. The Ministry of Energy has communicated information on cuts in full compliance with conditions,” one of the source said, without detailing terms.

Another source confirmed that oil producers indeed managed to negotiate reduction volumes, electing not to go into details. The source noted at the same time that the decision has been taken recently.

Russia has undertaken within the OPEC+ deal framework to reduce daily oil production by 2.5 mln barrels.